Brief: Friwo Enters Into Joint Venture With Uno Minda Group

FRIWO AG

10/12/2021 11:40

Dec 10 (Reuters) - FRIWO AG  CEAG.DE :
    * ENTERS INTO A JOINT VENTURE WITH THE UNO MINDA GROUP AND
DECIDES
ON CAPITAL INCREASE VIA A CASH CAPITAL INCREASE AND CONTRIBUTION
IN KIND
    * WILL HOLD A MINORITY STAKE OF 49.9 PERCENT AND WILL
CONSOLIDATE
INCOME FROM JOINT VENTURE THROUGH COMPANY'S FINANCIAL RESULT
    * MANAGEMENT BOARD AND SUPERVISORY BOARD OF FRIWO AG TODAY
PASSED
NECESSARY RESOLUTIONS TO CARRY OUT A CAPITAL INCREASE IN CASH
AND A CAPITAL INCREASE IN KIND USING AUTHORIZED CAPITAL AND
EXCLUDING PRE-EMPTIVE RIGHTS
    * VTC GMBH & CO. KG WILL CONVERT EXISTING LOANS OF AROUND
EUR 13.6
MILLION INTO EQUITY AND WILL RECEIVE NEW SHARES IN AMOUNT OF
4.75 PERCENT OF FUTURE SHARE CAPITAL
    * UNO MINDA PLANS A 15 MILLION EURO INVESTMENT IN FRIWO AG
VIA A
CAPITAL INCREASE IN KIND EXCLUDING PRE-EMPTIVE RIGHTS IN ORDER
TO STRENGTHEN INDUSTRIAL PARTNERSHIP BETWEEN TWO GROUPS
    * IT WILL BE FINALLY CONFIRMED IN COURSE OF Q1 OF 2022
WHETHER
THIS CAPITAL INCREASE CAN BE IMPLEMENTED AS INTENDED
    * HAS PASSED A RESOLUTION TO INCREASE SHARE CAPITAL OF FRIWO
AG BY
ISSUING 406,334 NEW ORDINARY SHARES
    * NEW SHARES WILL BE ISSUED AT A PRICE OF 33.47 EUROS PER
SHARE
    * TO OFFER UNO MINDA 448,162 NEW SHARES AT SAME PRICE AS
STATED
ABOVE
    * CAPITAL INCREASE FOR CASH OF 15 MILLION EUROS
    * AFTER COMPLETION OF BOTH TRANSACTIONS, VTC WILL HOLD 81.59
PERCENT AND UNO MINDA 5.24 PERCENT OF THEN EXISTING TOTAL SHARE
CAPITAL IN FRIWO AG

Source text for Eikon:  ID:nEQ90TNT7a 
Further company coverage:  CEAG.DE 

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